Posts Tagged ‘Checking Accounts’
Primary Relationships or Bust
By Ryan Harbry Customer loyalty is essential in every industry under the sun. In banking, it matters even more than most industries because not only do unloyal customers represent a missed opportunity for revenue; they have the potential to cost more than they are bringing in — creating a drag on earnings. And, if we’re…
Read MoreDigital Banks Are Winning With Product Differentiation
Conventional wisdom—and even some of challenger banks’ own advertising—holds that fintechs are winning customers because they provide a superior customer experience and have better mobile banking tools. But it’s more than that. Digital banks are competing successfully with two additional strategies: 1) product featurization, and 2) segment specialization. Chime is a good example of a…
Read MoreSquirrels? Aww, nuts!
By Dave Pond A few weeks ago, my 16-year-old daughter, Mallory — with her sights firmly focused on a successful driver’s license road test at our local DMV — wanted to practice parallel parking in my trusty ol’ Ford Explorer. (After all, it was smaller than her mom’s minivan.) However, when they cranked it up, the…
Read MoreTales of Decommoditization
By Ryan Harbry Commoditization has been around for about as long as the banking industry itself — there’s no avoiding it. Whenever a good or service comes along and is successful (proving its proof of concept), other companies throw their hat in the ring, join the market, and compete. In legacy industries like banking, so…
Read MoreWhat’s More Important, Product or Product Distribution?
By Mike Branton Ask 100 retail bankers, and 99 will tell you they’re working on some sort of digital distribution channel for their consumer banking products: online account opening, digital loan application, digital cross-selling, mobile marketing, etc. Nearly every survey you see published shows financial institutions making digital product distribution at least a top-five priority…
Read MoreThe Name of the Game? Product Value
By Dave Pond During a recent episode of the Marketing Money podcast (helmed by John Oxford, director of marketing at Renasant Bank, and Mabus Agency owner Josh Mabus), I was excited to hear the topic of conversation turn from product naming toward product value. >> Marketing Money Ep. 125 (31:00) | LISTEN After all, nothing…
Read MoreWhat’s in a Name?
By James Mason My friend and her six-year-old daughter were listening to music. Her daughter said that she’s never heard the song playing and that it was “weird,” so my friend said, “This was a popular song when I was a teenager in the ’90s.” Her daughter replied and said, “Oh. You mean in the…
Read MoreThe Rise of the Multi-Account Consumer
Research shows that having more than one checking account has become more popular these days. This is true especially among Millennials, of whom 42% have two or more accounts. In fact, among consumers who consider a digital bank to be their primary bank, 42% have more than one checking account, and half of them have…
Read MoreQuality vs. Quantity vs. Retail Banking
By Ryan Harbry The tension between quality versus quantity is age-old, affecting industries of all kinds, especially banking. Community banks and credit unions are intimately familiar with weighing quality versus quantity. Financial institutions have quite the split personality in this arena if we’re honest with ourselves. When it comes to lending practices, no stone will…
Read MoreThe Big Tech Threat (Opportunity?)
In November 2019, Google announced that it was going to launch a checking account. The announcement elicited the typical frenzy in the press about how the Big Tech company and its fellow Gigantosauruses were going to put traditional banks out of business. But — surprise, surprise—that wasn’t the game plan. The plan was to partner…
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